Central banks adjust gold strategies amid shifts

GOLD

4,649.50

$/oz

▲ +11.40 (+0.25%)

SILVER

68.15

$/oz

▼ -0.49 (-0.71%)

PLATINUM

1,843.20

$/oz

▼ -9.40 (-0.51%)

PALLADIUM

1,340.50

$/oz

▲ +8.60 (+0.65%)

COPPER

6.71

$/lb

▲ +0.00 (+-0.07%)

GOLD MINERS INDEX

871.35

pts

▼ -20.60 (-2.31%)

SPDR GOLD ETF

421.14

$/sh

▼ -6.93 (-1.62%)

SILVER ETF

61.58

$/sh

▼ -0.74 (-1.19%)

Gold Market Context: Macro Drivers

Key macro instruments that drive gold price movements: dollar, yields, risk appetite

DXY

US Dollar Index

99.16 pts

▲ 0.36 (+0.36%)

headwind for gold

Gold inverse — rising dollar pressures gold

US10Y

10-Yr Treasury

4.66 %

▼ 0.03 (-0.68%)

tailwind for gold

Real yield pressure — higher yields weigh on gold

SPX

S&P 500

7,687.23 pts

▼ 20.75 (-0.27%)

tailwind for gold

Risk appetite — equity rallies reduce safe-haven demand

BTC

Bitcoin

78,373.31 USD

▲ 1289.90 (+1.67%)

positive for gold

Alt safe haven — moves with gold in risk-off

WTI

Crude Oil (WTI)

81.96 $/bbl

▼ 5.10 (-5.86%)

negative for gold

Inflation proxy — rising oil can lift gold

EURUSD

EUR / USD

1.17

▲ 0.00 (+-0.16%)

positive for gold

Dollar strength gauge — inverse to DXY

▲ Rising DXY or yields typically pressure gold | ▲ Falling yields or geopolitical risk support gold | Live data — fetched at send time

Market Commentary

Hong Kong Gold Futures Set Physical Delivery Record as Gold Hub Grows

Hong Kong Exchanges and Clearing has reported record physical gold deliveries associated with its dollar-denominated gold futures contract, highlighting the city's growing significance as a gold trading hub. This surge in physical deliveries indicates a robust demand for gold, which could support prices as investors seek tangible assets amid economic uncertainty. The increasing activity in Hong Kong reflects a strategic challenge to the traditional Western dominance in the gold market, potentially shifting trading dynamics. As central banks and institutional investors diversify their gold holdings, the rise of Hong Kong as a key player may lead to increased competition for gold supply. This development could also influence investor sentiment, as a more diversified market may enhance liquidity and price stability. Furthermore, the growing demand for physical gold in Asia could put upward pressure on prices, especially if geopolitical tensions continue to drive safe-haven buying. Investors should note that a strong physical market often correlates with higher gold prices, as it indicates a willingness to hold the metal rather than trade it for short-term gains. As we observe these trends, the interplay between physical demand and futures trading will be crucial in determining gold's trajectory. Overall, the record deliveries in Hong Kong signal a vibrant and evolving gold market that could have significant implications for pricing in the months ahead.

Silver Beat Gold in August. Almost Nobody Said So.

In August, silver outperformed gold significantly, rising 19.0% compared to gold's 15.1%, indicating a shift in investor sentiment and demand dynamics within the precious metals market. This divergence suggests that investors are increasingly favoring silver, possibly due to its industrial applications and perceived value in an inflationary environment. The strong performance of silver may also reflect a broader risk-on sentiment among investors, who are seeking assets that can provide both growth and a hedge against inflation. As real yields remain positive, the traditional relationship where gold benefits from lower yields appears to be weakening, indicating that other factors are now influencing gold prices more heavily. The demand for gold may be tempered by this shift, as investors reassess their portfolios in light of silver's robust gains. Additionally, the market's focus on silver could divert attention and capital away from gold, potentially leading to a more subdued performance for the yellow metal in the near term. Central bank policies and geopolitical tensions continue to play a crucial role in shaping the macroeconomic landscape, but the recent performance of silver suggests that gold may need to compete more aggressively for investor interest. ETF flows will be critical to monitor, as shifts in allocation between gold and silver could further impact price movements. Overall, while gold remains a key asset for wealth preservation, the recent dynamics highlight the need for investors to stay attuned to the evolving landscape of precious metals. The interplay between gold and silver will be essential in determining future price trajectories, as market participants reassess their strategies in response to changing economic conditions.

Your 60/40 Portfolio May Be 100% Exposed to a Dying Dollar, Bitwise Says

Gold and Bitcoin ETFs have attracted a remarkable $7 billion in inflows, signaling a strong shift in investor sentiment towards assets perceived as hedges against fiat currency risk. As concerns mount over the stability of the dollar, particularly in the context of traditional 60/40 portfolios, we see a growing appetite for gold as a safe haven. This influx of capital into gold ETFs indicates that investors are increasingly seeking protection from potential currency devaluation and inflationary pressures. The warning from industry experts about the vulnerabilities of conventional portfolios underscores the urgency for diversification into hard assets like gold. With the dollar facing headwinds, gold's appeal as a store of value is likely to strengthen, driving demand further. Additionally, the current macroeconomic environment, characterized by rising inflation and geopolitical tensions, continues to bolster gold's status as a reliable hedge. As more investors recognize the risks associated with fiat currencies, we can expect sustained interest in gold, which traditionally thrives in such conditions. The record inflows into gold ETFs not only reflect a shift in strategy but also reinforce the notion that gold remains a critical component of a well-rounded investment approach. Overall, the dynamics at play suggest that gold prices could see upward momentum as more capital flows into the market in search of stability and security. Investors should remain vigilant and consider the implications of these trends on their portfolios.

Americans Spent More in July. They Got Nothing Extra for It.

Consumer spending in July increased by $36.3 billion, but when adjusted for inflation, the real gain was only $1.3 billion, indicating that Americans are spending more without receiving additional value. Core inflation remains stubbornly high at 3.3%, marking the sixty-fifth consecutive month above the target, which underscores persistent inflationary pressures in the economy. Despite these inflationary signals, gold prices slipped, suggesting that market participants may be reassessing their positions in light of other macroeconomic factors. The resilience of consumer spending could lead to expectations of continued interest rate hikes, which typically strengthen the dollar and put downward pressure on gold. Additionally, the lack of significant gains in real purchasing power may lead to a cautious outlook among investors, further impacting demand for gold as a safe haven. Central banks continue to play a crucial role in the gold market, but current dynamics suggest that their demand may not be enough to offset the bearish sentiment driven by rising yields. ETF flows are also critical, and any signs of reduced investment in gold-backed securities could exacerbate downward pressure on prices. As inflation persists, we must remain vigilant about how these economic indicators influence central bank policies and investor behavior. Overall, the interplay between consumer spending, inflation, and interest rates will be pivotal in determining gold's trajectory in the near term. Investors should closely monitor these developments as they navigate the complexities of the current economic landscape.

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Today's Interesting Company News

Buscar Company Announces Completion of Exploration Target Geological Report for the Treasure Canyon Gold-Copper Project, Plumas County, California

(OTC:CGLD) Buscar Company announced the completion of an Exploration Target Geological Report on the Treasure Canyon Project, held 100% by its wholly owned subsidiary Eon Discovery Inc., effective August 20, 2026. The report, prepared by Martin L. Gallon, P.Geo., CPG, identifies three distinct styles of mineralization: auriferous quartz veins, placer gold, and a copper soil anomaly at Sulfide Ridge. Historical underground sampling of the Ada Vein returned gold values up to 2.75 oz/ton and a single isolated crosscut sample assayed 29.2 oz/ton. The report recommends a 29-hole, 10,378-foot surface diamond drill program with an estimated cost of approximately $2.48 million. The Treasure Canyon Project comprises 54 unpatented BLM lode mining claims totaling approximately 1,105 acres within the Plumas National Forest. Conceptual exploration targets include placer deposits of ~100,000 to 130,000 tons at 0.3-0.7 oz/ton Au (~57,900 oz gold), primary vein systems of ~3.7 million tons at 0.5 oz/ton Au (~1.84 million oz gold), and Sulfide Ridge of ~10.9 million tons at 0.41% Cu (~89.3 million lb copper). A Plan of Operations was submitted to the U.S. Forest Service in the first quarter of 2026 and remains under review, with related permits advancing in parallel.

Blue Star Gold Announces Phase 2 Exploration Drilling Results at Auma Project - Bamako Prospect Returns 1.9 M of 16.74 G/t Au and 2.0 M of 10.6 G/t Au

(TSXV:BAU) (OTCQB:BAUFF) Blue Star Gold Corp. announced initial results from Phase 2 of its 2026 Exploration Program at the Auma Project. Auma drilling confirms a gold system over an unconstrained 300 metre strike length at shallow depths. Drill hole 26ABD003 intercepted 8.0 metres of 2.65 grams per tonne gold (g/t Au), including 3.4 m of 3.33 g/t Au, and additional intervals of 2.0 m grading 9.44 g/t Au and 1.9 m grading 16.74 g/t Au. Drill hole 26ABD005 intercepted quartz veins hosting visible gold, returning 2.0 m grading 10.6 g/t Au including 0.5 m grading 39.1 g/t Au, and 2.1 m grading 3.47 g/t Au including 0.3 m grading 16.4 g/t Au. The expanded Auma Project covers approximately 11,794 hectares of Crown and Inuit Owned Lands and includes multiple styles of mineralization, including carbonate-altered shear-hosted gold and VMS-related zinc and copper occurrences. The current 2,400-metre maiden drill program at Auma was designed to test the property's highest-priority gold and copper-gold targets. Blue Star controls over 420 square kilometres of highly prospective and underexplored mineral properties in the High Lake Greenstone Belt.

Legacy Gold Extends Main Zone Width to 1,020ft (310m), Intersecting 0.67 G/t Gold Over 50ft (15.2m) and 0.39 G/t Over 200ft (61.0m) at Baner, Idaho

(TSXV:LEGY) Legacy Gold Mines Ltd. reported assay results from RC drill holes LG26-021 and LG26-022 from Phase 2 of its 2026 drill program at the Baner Gold Mine Property in Idaho County, Idaho, USA. LG26-021 extends mineralization farther west and uphill and increases the Main Zone width to approximately 1,020 feet (310 metres). The known Main Zone length is 1,000m (3,280ft). LG26-021 intersected 0.67 g/t Au over 15.2m (50ft), including 2.0 g/t Au over 1.5m (5ft), and a broad intersection of 0.39 g/t Au over 61.0m (200ft), beginning only 15m (49.2ft) vertically below surface, with four higher-grade 1.5m (5ft) intervals grading from 0.86 g/t to 2.41 g/t Au. LG26-022 returned multiple mineralized intersections, including 0.95 g/t Au over 3.0m (10ft), 0.52 g/t Au over 3.0m (10ft), 0.37 g/t Au over 10.7m (35ft), including 1.2 g/t Au over 1.5m (5ft), and 0.32 g/t Au over 7.6m (25ft). The 2026 drill program was designed to begin with up to 12,000ft (3,658m) of core drilling in Phase 1, followed by up to 28,000ft (8,536m) of RC drilling in Phase 2. The RC phase of the 2026 program is planned to comprise up to 43 holes, with 6 completed and hole 19 in progress.

Cora Gold Limited Di: Update on Sanankoro Financing

(LSE:CORA) Cora Gold Limited announced an update on financing arrangements to support the development of the Sanankoro Gold Project in south Mali, including a binding term sheet for a US$120 million gold stream with Eagle Eye Asset Holdings Pte. Ltd. (EEA) to fund Sanankoro through to production. EEA is entitled, for the life of mine, to purchase 30.44% of gold production (reducing to 15.22% if 50% of the Stream is replaced with traditional senior debt) at a price equal to 20% of the prevailing spot gold price. The company has the right, for up to 240 days following receipt of all required approvals, to replace 50% of the Stream with traditional senior debt. Cora and EEA have agreed to extend the maximum period for this replacement right to the later of 30 October 2027 or 6 months after the mining rights permit is granted by the government of Mali. On 21 August 2026, the first interim renewal of the Sanankoro II exploration permit was approved by the Government of the Republic of Mali's Council of Ministers. Cora has a Probable Reserve of 531 koz at 1.13 g/t Au (US$2,200/oz Au pit shell design). The 2025 Definitive Feasibility Study showed a 98% IRR post tax, US$365 million NPV 8 post tax, and all-in sustaining costs of US$1,623/oz based on a gold price of US$3,500/oz.

Clogau Gold Mine Operations and Exploration Update

(AIM:AKN) Arkadian Strategic Metals Plc has completed the installation of ladders and intermediate access platforms to establish a staged access route from the Tyn y Cornel Level into the Jack Williams stope area at its 100%-owned Clogau-St David's Gold Mine in north Wales. The installation traverses an approximately 12-metre vertical section and enables the geological team to access the area for detailed inspection, mapping and systematic sampling. Historic records indicate that the Main Lode was worked eastwards from the Jack Williams stope for approximately 300 metres to the Bryntirion Fault and for at least a further 150 metres within the St David's Mine workings. In 2021, the Company outlined a preliminary development concept involving an approximately 48-metre crosscut northwards from the Llechfraith Level. Work is scheduled to begin in early September. Arkadian holds 100% ownership of the Clogau (gold), Dolgellau Gold Exploration (gold), and Gwynfynydd (gold) projects in Wales, and 51% of the Motzfeldt Critical Metals Project in Greenland.

Xpedra Extends Springfield Gold System With Deepest Hits Yet

(ASX:XPD) Xpedra Resources has confirmed depth extensions to its Springfield gold deposit with deep drilling returning some of the project’s best intercepts. The latest results cover the deepest four holes drilled by Xpedra Resources at Springfield to date, with all four step-out holes delivering gold mineralisation containing higher-grade intervals, and three intersecting zones grading more than 5g/t Au. One hole returned 5m at 6.58g/t Au from 108m and 64m at 1.34g/t Au from 140m, including a 21m interval grading 2.41g/t Au from 167m and a 10m section at 3.68g/t Au from 176m. Another hole pierced 27m at 1.50g/t Au from 140m, including 6m at 3.68g/t Au from 142m, while a third hole served up 16m at 1.24g/t Au from 197m. Previously reported intercepts included 94m at 2.00g/t Au from 80m, 44m at 2.03g/t from 1m, 55m at 1.32g/t Au from surface, and 24m at 2.97g/t Au from surface. The two campaigns delineated a broad, shallow gold system that extends for more than 400m of strike, with multiple high-grade zones and continuity of mineralisation from surface to at least 150m down-dip. Xpedra remains well funded for its exploration push, with $3.1 million in cash at the end of June.

Gateway Mining Extends Scale of Cowza and Celia South Gold Discoveries

(ASX:GML) Gateway Mining has continued to extend the potential scale of the Cowza and Celia South discoveries at its Yandal gold project in Western Australia. Recent assays have extended the continuous strike of gold mineralisation at Cowza by a further 1 kilometre to approximately 4.5km. Drilling has defined gold mineralisation at Celia South over more than 1.5km of strike. Drilling at Cowza returned best gold intercepts of 8 metres at 2.1 grams per tonne from 84m and 8m at 1.6g/t from 80 metres. Drilling at Celia South delivered a standout result of 4m at 9.7g/t gold from 60m. Gateway has launched a reverse circulation campaign at Cowza to assess the scale and grade distribution of the system beneath the extensive aircore footprint. Initial assays are expected next month and will represent the first meaningful test of the Cowza system in fresh rock.

Torque Metals Confirms Exceptional High-Grade Gold Intercept at Ritz Project’s HHH Deposit

(ASX:TOR) Torque Metals has returned an exceptional shallow gold intercept below the HHH deposit at its 100%-owned Ritz gold project in Western Australia, with reverse circulation drilling intersecting 11 metres at 456 grams per tonne gold from 122m. The result included 1m at 3,625g/t gold and was accompanied by abundant visible gold in drill spoil, with a follow-up diamond hole drilled about 3m away returning 7.9m at 1.37g/t gold from 146.2m. A duplicate 3mm laboratory split subsequently returned 11m at 419g/t gold, including 3m at 1,212g/t, before the original sample material was milled to 75 micrometres, homogenised, and re-assayed to produce the reported 11m at 456g/t result, including 3m at 1,267g/t. HHH currently hosts an MRE of 1.145 million tonnes at 2.0g/t gold for 73,000 ounces, with current drilling targeting extensions to the resource and possible lodes that have not previously been modelled. Other recent results included 8m at 3.79g/t gold from 111m near the southern edge of the inferred HHH resource, 4m at 6.90g/t from 46m in the north, and a deeper 2m at 8.06g/t from 282m outside the current MRE. The Ritz MRE totals 3.473Mt at 3.1g/t gold for 351,000oz across the three deposits, while drilling is continuing at Paris around potential repeat and offset structures including the interpreted PL3 position. Two rigs are operating across Ritz as Torque advances its Rapid Path to one Million (RPM) strategy, with heritage surveys underway across previously unexplored areas.

Sranan Gold Corp | CSE: SRAN | OTCQB: SRANF

• Active drilling in Suriname's Guiana Shield, the same gold belt as Founders Metals' major discoveries.

• Latest result drill results at Tapanahony: 11m @ 7.33 g/t gold including 4m @ 14.59 g/t gold and 1m @ 44.60 g/t gold with remaining 12,500m drill program for 2026 fully funded.

• Lawatino reconnaissance sampling program recently returned grab sample assays of up to 101.5 g/t gold

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